Company Accounts

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1.  Narain Ltd invited application for 50,000 shares of Rs.100 each at a discount of 8%. Discount per share will be  
A.
B.
C.
D.
2.  A Ltd. makes an issue of 10,000 Equity shares of Rs. 100 each payable as follows: On application and al lotment  Rs. 50   On First Call                                 Rs. 25 On Second & Fi nal Ca II           Rs. 25 Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued on fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be_________.  
A.
B.
C.
D.
3.  3,000 shares of Rs. 10 each of Krishna were forfeited by crediting Rs. 5,000 to share forfeiture account. Out of these, 1,800 shares were re-issued to Radhe for Rs. 9 per share. The amount to be transferred to capital reserve account will be  
A.
B.
C.
D.
4.  A company issued Rs.20,000 15% debentures at a discount of 10% redeemable after 15 year at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
5.  A collateral security of 8,000 10% Debentures of Rs.lO'each has been issued at a premium of 25% to A in lieu of a loan of Rs.1,00,000 taken on 1st January, 2006. At the end of the year, interest was paid on:  
A.
B.
C.
D.
6.  Pankaj Ltd. Issued 500 equity shares of Rs.100 each as fully paid up in consideration of purchase of plant and machinery Rs.40000. What will be  the amount of discount an issue of shares.  
A.
B.
C.
D.
7.  Shiva Ltd. Issued 20,000 shares of Rs. 10 each at a discount of 10% Payments were to be made as -application Rs. 3; on Allotment Rs. 4 and on First and Final Call Rs. 2. Applications were received for 18,000 shares and all were accepted. All money duly received. Balance Sheet total will be____________.  
A.
B.
C.
D.
8.  Preference shares amounting to Rs.1,00,000 are redeemed at a premium of 5% by issue of shares amounting to Rs.50,000 at a premium of 10%. The amount to be transferred to capital redemption reserve account will be  
A.
B.
C.
D.
9.  Sometimes directors pay dividend even before the year is closed and the payment is out of current year's profit. It is usually given on the debit side of trial balance and because it is an appropriation of profits, it is recorded on the debit side of profit and loss appropritation account.It is called
A.
B.
C.
D.
10.  Preference shares of Rs.3,00,000 are redeemed at par for which fresh equity shares of Rs.1,20,000 are issued at 20% premium. What amount should be transferred to capital redemption reserve account?  
A.
B.
C.
D.
11.  10,000 equity shares of Rs. 10 each were issued to public at a premium of Rs.2 per share. Applications were received for 12,000 shares. Amount of securities premium account will be  
A.
B.
C.
D.
12.  Ramesh Ltd. Purchases furnitures for Rs.20,000 payable as to Rs. 6,500 in cash and the balance by an issue of 8% debentures of Rs. 100 each at a discount of 10% discount amount will be  
A.
B.
C.
D.
13.  Share premium is recorded in  
A.
B.
C.
D.
14.  A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr. John for non-payment of allotment money of Rs.4 per share. The called-up value per share was Rs.9. On forfeiture, the amount debited to share capital will be  
A.
B.
C.
D.
15.  Bittu Ltd. issued 10,000 shares of Rs.10 each to public. Applications were received for 12,000 shares by paying Rs.2 per share. Shares were allotted on pro-rata basis to the public and excess money was kept to be used in allotment and further calls. Kittu failed to piay the money of Rs.3 per share and her 1,000 shares were forfeited after due notice. Nb further calls were made to her. Her call in arrears was  
A.
B.
C.
D.
16.  F Ltd.purchased Machinery from G Company for a book value of Rs.4,00,000.The consideration was paid bi issue of 10 % debentures of Rs.100 each at a discount of 20 % .The debenture account was credited with
A.
B.
C.
D.
17.  V.K. Ltd. Forfeited 20 shares of Rs. 100 each (Rs. 60 called up) issued at par to Mohan on which he had paid Rs. 20 per share. Out of these 15 shares were reissued to Sohan as Rs. 60 paid up for Rs. 45 per share. Amount  transferred to capital reserve will be  
A.
B.
C.
D.
18.  W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
19.  Tata Communication invited applications for 50000 equity shares of Rs.10 each and received 65000 applications along with application money of Rs.5 per share. Which of the following is correct  
A.
B.
C.
D.
20.  Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10/-each in consideration of acquiring assets worth Rs.3,80,000 from M/s Rahim Bros. The shares are issued at a premium of 20%. to record this transaction, share capital need to be credited by  
A.
B.
C.
D.
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